Planning for Long-Term Care: Protecting Your Assets While Preserving Dignity
As people age, one of the biggest concerns — both financially and emotionally — is the possibility of needing long-term care. Nursing homes, assisted-living communities, in-home caregivers, and memory-care facilities can provide excellent support, but they also come with costs that can quickly overwhelm a family’s savings. Many older adults worry about losing everything they’ve worked for or becoming a financial burden to their children.
The good news is that with advance planning, you can protect your assets, maintain your independence, and preserve your dignity. Long-term care planning is a key part of a solid estate plan, and the earlier you start, the more options you have.
The real cost of long-term care
Many people underestimate how expensive long-term care can be. In Virginia, the average cost of a private room in a nursing home can exceed $100,000 per year. Assisted living and full-time in-home care can run tens of thousands of dollars more. Even families with strong retirement savings can find these numbers alarming.
Without planning, the default approach is “spend down until you qualify for Medicaid.” Unfortunately, this often means liquidating retirement accounts, selling a home, or using funds that were intended for a spouse’s support or a child’s inheritance.
The goal of long-term care planning is to prevent that from happening.
Planning ahead gives you control
Long-term care planning combines legal, financial, and medical strategies to protect both your assets and your independence. Key tools can include:
- Asset protection trusts – These specialized irrevocable trusts allow you to protect certain assets (such as your home) while still potentially qualifying for Medicaid in the future. They must be created ahead of time due to Medicaid’s five-year “look back” period.
- Updated powers of attorney and advance directives – As health needs change, so does the importance of naming trusted individuals to help make medical or financial decisions if needed. Without these documents, your family may have to go to court just to manage your care.
- Medicaid eligibility planning – Medicaid is a crucial safety net for long-term care expenses, but the eligibility rules are complex. Without proper planning, you may be able to preserve resources for a spouse or children while still qualifying when care becomes necessary.
- Coordination with your estate plan – Wills and trusts should be updated so your long-term care strategy aligns with your lifetime goals, including protecting a surviving spouse, avoiding probate delays, and preserving family wealth.
The emotional side of long-term care
Long-term care planning isn’t just a financial decision — it’s a personal one. It’s about protecting your independence, easing the weight on your family, and making sure no one has to scramble in a moment of crisis.
Planning early isn’t about expecting the worst — it’s about making sure you stay in the driver’s seat. It gives you options. It gives your family peace of mind. And it ensures that when the time comes, things unfold the way you intended.
Talk to a Virginia Beach, VA Elder Law Attorney Today
The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who want to update or draft an estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin discussing your next steps right away.